Are the bank owned properties really such great deals that everyone will like to think they are? Well, it really depends on several factors. Let’s look into and see what you think. First, you need to consider the condition of the property; I’ve seen bank repo’s that I could move straight into. On the other hand I’ve seen properties in such horrible condition I’ve had to sign waivers just to enter the mold infested *&%# hole. The next consideration would be how handy are you (or your willing friends & family). If you need to have the entire house rehabbed, and you pay a professional service for everything well it just might have been a better deal to purchase newer home that didn’t need much.
Another very important factor of course would be how can you purchase the property for, if you can purchase the reo, then rehab/repair the property to or just above neighborhood standards and you are still 10% or more under the current market value of the area then purchasing that ugly house would be worth the extra headaches. If you are a project type do-it person bank owned properties could be a good home purchasing choice. To view foreclosure style homes go to nkyforeclosureshop.com